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Article: Psychiatric keeps on buying; Pending Horizon deal would add 15 facilities.(The Week in Healthcare)(Psychiatric Solutions Inc acquires Horizon Health Corp.)
- Article from:
- Modern Healthcare
- Article date:
- January 1, 2007
- Author:
CopyrightCOPYRIGHT 2007 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Vince Galloro
In Horizon Health Corp., Psychiatric Solutions is acquiring a company that took a bit of a tumble after aggressively expanding into psychiatric hospitals during the past three years. Franklin, Tenn.-based Psychiatric Solutions contends that it won't be tripped up by its own rapid growth.
Psychiatric Solutions agreed to pay $321 million, or $20 per share, for Lewisville, Texas-based Horizon, and also take on $105 million in debt, for a total deal value of $426 million. Horizon, which posted revenue of $275 million for the fiscal year ended Aug. 31, 2006, owns or operates 15 psychiatric hospitals or residential treatment centers, all ...